差异化股利税对现金股利政策的影响研究

发布时间：2018-04-11 10:49

本文选题：现金股利政策 + 差异化股利税　；参考：《河北大学》2017年硕士论文

【摘要】：股利政策作为三大财务决策之一,在企业中占有着重要的地位。依据信号传递理论,一个良好的股利政策可以向外界传递出公司未来有着向好发展前景的信息,从而增强投资者的信心,为公司树立积极的企业形象。因此如何制定合理的股利政策及股利政策制定中需要考虑的因素不仅是上市公司也是众多学者一直探讨的问题,其中关于企业的股利政策能否受到投资者层面税收的影响在国际上争论已久。2013年我国开始实行的差异化股利税政策,将持股时间与股利税率结合起来,为这一问题的研究提供了不可多得的研究契机。本文将2011-2014年A股上市公司作为研究样本,以股息率作为因变量,选取税收改革的虚拟变量、持股时间、管理层持股比例、两权分离度作为自变量,并将公司规模、资产负债率、成长性、净资产收益率、现金流能力和行业因素作为控制变量,采用了Tobit回归和分组回归的方法对差异化股利税能否影响上市公司现金股利政策进行了检验,得出如下结论:第一,对投资者根据其持股时间征收不同的股利税,能够显著影响公司的现金股利政策制定,与个人投资者持股时间短的公司相比,持股时间长的公司在股利税改革之后提高其现金股利支付水平的愿望更强烈。这一研究结果是因为在我国个人投资者占主导地位,他们更可能是投资者边际税率的决定者,当个人投资者在公司中占据着重要位置时,企业能够响应个人投资者税率的变化。第二,通过进一步研究发现,差异化股利税对公司现金股利政策的影响程度还受到管理层持股比例和控股股东两权分离程度的影响,当管理层持股比例高,控股股东两权分离度低时,其利益目标更能跟其他股东保持一致,降低公司的代理成本,从而制定出符合广大股东利益的股利政策。
[Abstract]:Dividend policy, as one of the three major financial decisions, plays an important role in enterprises.According to the theory of signal transmission, a good dividend policy can convey to the outside world the information that the company has a good prospect in the future, so as to enhance the confidence of investors and establish a positive corporate image for the company.Therefore, how to formulate reasonable dividend policy and the factors to be considered in the formulation of dividend policy are not only the problems of listed companies but also discussed by many scholars.Whether the dividend policy of enterprises can be influenced by the tax on investor level has been debated internationally for a long time. The differentiated dividend tax policy that our country began to implement in 2013 combines the time of holding and the tax rate of dividend.It provides a rare opportunity for the study of this problem.In this paper, A share listed companies in 2011-2014 are taken as the research samples, the dividend rate as dependent variable, the fictitious variable of tax reform, the time of ownership, the proportion of managerial stock, the separation degree of two rights as independent variables, and the size of the company and the ratio of assets and liabilities are taken as independent variables.Growth, return on net assets, cash flow ability and industry factors are taken as control variables. The Tobit regression and group regression are used to test whether the differential dividend tax can affect the cash dividend policy of listed companies.The conclusions are as follows: firstly, the tax on the stock interest of investors according to their holding time can significantly affect the company's cash dividend policy formulation, compared with the companies with short holding time of individual investors.Long-held companies have a stronger desire to raise their cash dividend payments after the dividend tax reform.The result of this study is that individual investors are dominant in our country. They are more likely to be the determinants of marginal tax rates. When individual investors occupy an important position in the company, enterprises can respond to the changes in tax rates of individual investors.Secondly, through further research, it is found that the influence of differentiated dividend tax on the cash dividend policy is also affected by the proportion of managerial shareholding and the degree of separation of controlling shareholders' rights, when the proportion of managerial shareholding is high.When the degree of separation of two rights of controlling shareholders is low, the interests of controlling shareholders are more consistent with those of other shareholders, and the agency cost of the company can be reduced, and the dividend policy that accords with the interests of the majority of shareholders can be formulated.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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